Adobe finally makes a huge $20 billion bid to acquire rival Figma officially deadThis comes after the companies announced today that their acquisition plans had been scrapped due to regulatory pushback in Europe.
The deal, first announced last September, has always attracted regulatory scrutiny due to its size and the fact that it removed one of Adobe’s major rivals from the shadows. Ta. The U.S. Department of Justice (DoJ) Take a closer look at the transaction For the most part in 2023, news has not yet been filed to prevent the deal from happening. Appeared Before the weekend, Adobe and Figma had met with the Department of Justice in a last-ditch effort to avoid legal action.
Regardless, both companies were already facing significant headwinds in Europe. In late November, the UK announced that the proposed acquisitionharm innovation”, following similar findings in the European Union (EU), which announced a similar course of action in August.
The core of the concern is that Figma is the “clear market leader” in interactive product design tools and acts as a “constraining influence” on Adobe in the digital asset creation tools space. was. Therefore, if Adobe acquires Figma, Figma is a “valid competitor.”
in Today’s blog postFigma CEO and co-founder Dylan Field said the “co-decision” was reached because the two companies were unable to convince regulators of the differences between their products and businesses.
“This is not the outcome we were hoping for, despite spending thousands of hours with regulators around the world detailing the differences between our business, our products, and the markets we serve. We no longer see a path forward for regulatory approval of this transaction,” Field said.
This is a developing story.Please update the latest information.
Source: techcrunch.com
